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Bitwise

Bitwise Takes Over ETC Group – Home To Europe’s Largest Bitcoin Fund

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a strategic move to expand its presence in Europe and the broader crypto industry, asset manager and Bitcoin exchange-traded fund (ETF) issuer Bitwise Investment has sealed a deal to acquire ETC Group, a major crypto issuer headquartered in London. 

Bitwise Doubles Down On Institutional Bitcoin

While specific terms of the transaction remain undisclosed, Bitwise announced on Monday that following the finalization of the deal, the San Francisco-based company will be entrusted with managing a substantial $4.5 billion in assets. 

Related Reading: Crypto Market Flourishes In Turkey Amid Growth In Licensed Exchanges

Founded in 2019, ETC Group has established itself as a pioneer in the European crypto ETP space, according to Bloomberg, offering a range of physically-backed funds tracking popular digital assets like Bitcoin, Ethereum (ETH), Solana (SOL), and XRP. Its flagship product, the $700 million Bitcoin ETP, is the largest on the continent.

Notably, all offerings by ETC Group are backed by physical assets, with plans to rebrand these products under the Bitwise banner in the future. 

In January of this year, Bitwise introduced its inaugural spot Bitcoin ETF in the US, the Bitwise Bitcoin exchange-traded fund (BITB), after gaining approval from the Securities and Exchange Commission (SEC), which has rapidly amassed over $2 billion in assets under management (AuM).

Last month, Bitwise also launched its first spot, Ethereum ETP, the Bitwise Ethereum ETF (ETHW), which attracted over $300 million in assets within weeks of its debut. 

CEO Bullish On Expanding Crypto Expertise To Europe

Hunter Horsley, CEO of Bitwise, expressed enthusiasm about the acquisition, highlighting the opportunity to cater to European investors, provide global insights to clients, and diversify the product suite with “innovative ETPs.”

Related Reading: Crypto And Faith Collide: Colorado Pastor Securitizes Church With Tokenization

Reflecting on Bitwise’s six-year journey as a respected asset manager in the cryptocurrency markets, Horsley affirmed the company’s dedication to delivering expertise and value to European investors, institutions, and advisors. Horsley further stated:

We’re proud of the reputation we have built over the last six years with advisors, institutions, and investors as a sophisticated asset manager in crypto markets, and look forward to bringing this expertise to European investors.

Bitwise
The daily chart shows BTC’s sideways price action below $60,000. Source: BTCUSDT on TradingView.com

At the time of writing, the largest cryptocurrency on the market, Bitcoin, is trading at $58,200, failing to regain the key $60,000 mark over the weekend as a lack of bullish catalysts storm the market. 

BTC has fallen over 2% in the last 24 hours but found support last week at $56,000, which will be crucial for bullish investors to hold in case to prevent a deeper retracement in the coming days and tests once again its 7-month low of $49,000 reached on August 5th.  

On the other hand, Ethereum experienced a deeper retracement compared to Sunday’s price, trading at $2,570 and recording a loss of 3.4% over the same time frame.

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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